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LAKE ELMO CITY COUNCIL MINUTES APRIL 7, 2009 2 <br />REGULAR AGENDA: <br /> <br />Bond Refunding, Resolution No. 2009-012 <br /> <br />On March 3 the City Council adopted a resolution authorizing the City Administrator and <br />Finance Director to approve the sale and execute the purchase agreement for the bonds <br />with Northland Securities, Inc. provided that the refunding results in total net savings of <br />least $60,000. <br /> <br />Paul Donna, Northland Securities, Inc., reported that the Chicago office of Standard & <br />Poors, Inc gave the City an AA credit rating which is only two steps below the highest <br />rating possible. The bonds had been placed on April 2, and the net present value savings <br />of future interest costs were approximately $65,000. <br /> <br />Staff recommended the Council adopt the resolution necessary to approve the issuance of <br />the bonds refunding the City’s 2001A and 2002B issues. <br /> <br />MOTION: Council Member Smith moved to approve Resolution No. 2009-012 issuance <br />of bonds refunding the General Obligation State Aid Street Bonds, Series 2001A, and the <br />General Obligation Water Revenue Bonds, Series 2002B. Council Member DeLapp <br />seconded the motion. The motion passed 5-0. <br /> <br />Update from South Washington Watershed District (SWWD) <br /> <br />Matt Moore, Administrator of the South Washington Watershed District, informed the <br />Council that the Lower St. Croix Watershed Management Organization has been <br />discussing the possibility of dissolution and consolidating with the SWWD and/or Valley <br />Branch Watershed District. The Lower St. Croix WMO covers approximately 46 square <br />miles. <br /> <br />The Lake Elmo Surface Water Management Plan is being reviewed and a decision will be <br />made end of May by the SWWD. <br /> <br />PUBLIC HEARING: 2009 Street Improvements <br /> <br />Pursuant to Minnesota Statutes, Sections 429.011 to 429.111 a Public Improvement <br />Hearing has been noticed for April 7, 2009 at 7:00 p.m. to consider making street <br />improvements to the following street sections: <br /> Legion Avenue North (south of 30th Street for a length of 1,300 feet) <br /> Legion Lane North (the entire loop off Legion Avenue North for a length of 2,835 <br />feet) <br /> Lisbon Avenue North <br /> Legion Lane Circle North <br /> Legion Lane Court North <br /> 21st Street North <br /> 3rd Street Place North